Gold prices fell even as bond yields tracked stocks lower and the priced-in rate hike path implied in Fed Funds futures flattened Friday. The US Dollar found renewed haven appeal against the risk-off backdrop, and its rise undermined the appeal of anti-fiat alternatives epitomized by the yellow metal.

Crude oil prices also tracked lower, succumbing to de-facto selling pressure because they are denominated in USD terms on global markets. A spirited recovery has been triggered over the weekend however – producing an upward gap at Monday’s trading open – after OPEC+ officials worried aloud about oversupply in 2019.

Markets seemed to read that as signaling that the cartel and like-minded producers – notably, Russia – may cut output quotas once again having raised earlier this year. That was meant to cushion the blow from the sidelining of shipments from Iran after the re-imposition of US sanctions.